The plasma torch is the key component of the thermal plasma-assisted material processing system. Particularly, direct current (dc) nontransferred arc plasma torch is widely used in high-temperature material processing applications. The characteristics of the thermal plasma jet emanating from the plasma torch depend on many factors, including arc current, type of plasma forming gas, gas flow rates, gas injection configuration, torch geometry, and so on. This experimental study focuses on the comparison between the effects of CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> and air on the arc voltage, electrothermal efficiency, and specific enthalpy of the plasma torch operated at the atmospheric pressure. For this purpose, a low-power dc plasma torch consisting of a rod-type thoriated tungsten cathode and the copper anode was customized. CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> and air were used as the plasma forming gases along with a feeble amount of argon (15 lpm). The plasma torch was operated over a wide range of current (100–175 A) with fixed gas flow rates. The <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$I$ </tex-math></inline-formula> – <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$V$ </tex-math></inline-formula> characteristics and the electrothermal efficiency of the plasma torch were measured, and results were compared. The maximum electrothermal efficiency and specific enthalpy of the plasma torch when operated with CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> were reported as 70% and 1900 KJ/Kg, respectively, which is higher than the same torch operated with air as the plasma forming gas. The electron number density and electron temperature of the air and CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> plasma jet were measured by optical emission spectroscopy (OES). The calculated electron number density and electron temperature of the plasma jet with CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> were <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$2.89\times 10\,\,^{\mathrm{ 16}}$ </tex-math></inline-formula> cm <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">−3</sup> and 8598 K, respectively, which is higher than air plasma jet. It was found that CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> has a stronger influence than air on the arc voltage fluctuation, electrothermal efficiency, and operating regime of the plasma torch.